Arizona bioscience industry outpaces nation in job gains, research funding

Arizona outpaced the nation in bioscience industry job gains and research funding, but challenges remain for medical device commercialization and venture capital deal activity, according to a new Flinn Foundation report.

Arizona recorded an 8.1% increase in bioscience industry job growth from 2020 to 2023, outpacing the nation’s job growth rate of 6.7% over the same time period, according to the April 23 report conducted by TEConomy Partners LLC.

Nonhospital jobs — about 40,000 of the state’s total 144,000 bioscience industry jobs — grew far faster, up 19% over the same period, according to the report.

In 2023, bioscience industry workers’ average annual salary was $87,000, which was above Arizona’s private sector annual salary of $67,000, the report shows.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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